Norwalk, CT-based Air cargo carrier Southern Air Holdings, Inc. has received a $55m strategic investment from Oak Hill Capital.
The proceeds from the financing will support the completion of the company’s 777F and 747-400 fleet renewal and its continued growth.
Concurrent with the investment, Southern Air has renegotiated its credit agreements, including extending its long-term debt maturities to 2015.
founded in 1947 and led by CEO Daniel J. McHugh, the company over the past two years has added key executives and two Boeing 777 Freighters to its fleet, with a delivery of two additional 777s expected in 2012, and also will be adding four 747-400s to the fleet by the first quarter of 2012.
Southern Air recently opened an office in Germany and signing several new client contracts including DHL Express, Saudi Arabia Airlines and Lufthansa Cargo Charter Agency.
FinSMEs
07/10/2011